Chase Can Help with Your College Debt
FFELP Consolidation Loans
Chase is a private lender, but strong in the student loan sector. Like its competitors, Chase has had to stay current and the current tide has been turned toward student loans. The preponderance of college students that secure private student loans has increased exponentially in the last half-dozen years.
Student Loan Products Cater to All Types
Students from undergrad through medical school seek out Chase student loan products to make the missing connections in the student financial aid process. After graduation, Chase is available for helpful money management tips, investment advice and products and vehicles through which college grads may wisely consolidate their loans.
Chase caters to all brands of college student with its corps of new Campus One Loans: Health Professions Loan, Continuing Education Loan, Graduate Loan, and Undergraduate Loan; and its standard lineup of student loans: the Federal Family Education Loan Program, Medical Education, Select Private Loan and Federal Consolidation Loan.
A Case for Student Loan Consolidation
Grad PLUS Loans alone make it possible for students to borrow enough money to cover their tuition expenses. Depending on the program, that’s potentially a lot of dough to manage in repayment. Think a Grad PLUS Loan is all any college grad would have on his or her plate?
Before you jump right into a consolidation loan consider:
- How many loans do you currently carry?
- How many payments remain on each?
- What are your interest rates?
- Are monthly payments unmanageable?
Loan consolidation is a personal choice, not the latest trend. Your repayment term may be extended up to 30 years. If you make payments that long you will have paid well over the value of your initial student loans. However, there’s always early repayment.
Chase Offers a Federal Consolidation Loan
Many private lenders feature the FFELP Consolidation Loan in tandem with a private student consolidation loan. Chase offers only the Federal Consolidation Loan. Select features of a federal consolidation loan are prepackaged by the feds:
- Loans are based on a fixed interest rate, since July 1, 2006, calculated by a “weighted average” of your loan interest rates as of the loan consolidation application date, and capped at 8.25.
- Applicants are not subject to a credit check.
- FFELP Loans are no longer eligible for consolidation while a student is in school.
Chase terms:
- You must have at least $5,000 in federal loans to apply for consolidation.
- Apply during your new-grad grace period and you qualify for a reduced interest rate, plus a hold on repayment until your grace period is expired.
- Set up your payments to be automatically deducted from your checking account each month and your interest rate is reduced by .25%.
- Make 36 consecutive payments, on-time and you earn an additional 1.00% interest rate reduction.
